Managing payroll globally is a difficult task … Papaya Global (Hk) Limited Address…

How much revenue does the company make? Papaya Global (Hk) Limited Address

Over the last five or 6 years …Papaya Global (Hk) Limited Address… roles on the company side and also on the supplier side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everybody is um it’s nice to to type of like see where everybody originates from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely really gloomy and I want I was elsewhere at this moment in time alright so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies keep separate

Virtual payroll accounts are an option to standard bank accounts for managing payroll payments. This is especially helpful for international companies with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of preserving different checking account for payroll in various nations, virtual accounts and digital wallets provide a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical property for payroll executives. We will likewise provide a recap of the bottom lines covered and leave time for a Q&A session at the end.

Making sure precise, efficient, and prompt payroll payments is a complex difficulty for organizations operating internationally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, find out how companies forecast payroll expenses to enhance working capital, and find how enhancing global payroll payments can transform them from a difficult task into a strategic possession.

due to numerous guidelines, compliance requirements, data security issues, and banking rules. The sheer number of workers and organizations adds to the complexity, with an estimated 3.5 billion people in the worldwide labor force, 500 million of whom are in Africa, and 230 million businesses worldwide.

Traditional payroll systems typically result in manual processes, data silos, and a lack of combination, resulting in inconsistencies and inefficiencies. Despite living in an age of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to provide insights and services to simplify and enhance worldwide payroll payments.

about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force information in real time that’s another number that provides me sleep deprived nights and rather honestly the more a service spends on worldwide payroll the less of a photo they see a lack of visibility likewise encompasses payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the deal almost half of global businesses have expressed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes improperly interacted hires and terminations in addition to absence management and system configurations and then when you round everything off and the information is shipped to the incorrect location the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments don’t run smoothly if they rely on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges service face when they’re making payments to staff members or otherwise that’s a good concern I always toss this back and state what is it what does not require to be included right and what does

it need to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity anywhere you look ideal eventually building a knowledge base is absolutely important however all over you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely basic and innovation is permitting us to sort of move forward with that it also too to contribute to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup procedures is definitely essential that payroll and financing groups work more detailed together than ever um I’m always amazed when individuals state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the

The contemporary world places a high worth on wellness and the compensation landscape is ending up being progressively elaborate. Services are constantly presenting new advantages and payment alternatives, which contributes to the total intricacy. Big corporations typically divide their payroll and payment processing into different groups, which can result in inefficiencies and bottlenecks. In my viewpoint, this doesn’t have to hold true. In today’s technologically advanced era, there’s no validation for keeping troublesome treatments. Payroll, the company’s biggest expenditure, need to be processed correctly and on time. Even minor hold-ups can adversely affect workers’ wellness and have significant effects. Therefore, it’s critical to prioritize accurate and prompt payments.

payroll group get um so I’m not exactly sure anybody on this type of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an essential cycle we all find out about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely important that all of this stuff is done properly so leveraging the very first International Payments first payroll payment solution is a terrific first step um offering an end-to-end payroll solution for your employees globally again I think is another substantial um procedure again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely essential to success success of companies and minimizing the number of tools platforms and bank accounts they need for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re meant to be um I don’t think any of us are really doing that for for the thanks

anyway we know how how crucial a role it is and that’s why we do it that’s why we get on with it and this is why we’re talking today about making it as simple as possible for everyone that’s involved in those processes and also so imagine sorry I’m simply I was simply gon na say envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions imagine getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job attempting to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and actually see what was going on and sort of try to get back to everybody so carrying on look why do companies choose to main different savings account there are Papaya Global (Hk) Limited Address services out there doing exactly this for particular nations and I have actually operated in a business or lots of services doing precisely that I can state it does not constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not producing additional work for anyone where we do not have to and anybody that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the standard I believe people have got so used to we require a brand-new checking account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have actually embraced and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and many other ways um to to type of do it so I think there’s a variety I think this is a procedure that requires looking at it needs changing but ultimately people are extremely stuck to what they recognize

with best um change is a difficult thing all of us don’t like modification um so I think it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having preserving several checking account but there’s a huge amount of complexity opts for setting up a savings account keeping it ensuring it can send International transfers ensuring it’s set up with the right user accesses for private people so the intricacy is huge but I think the honest response is change um people haven’t been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter however we’ve constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could almost be identified to be the next Century approximately there is a lot to track and this technique does pose numerous obstacles um so Johnny might you tell us about those difficulties yeah naturally so there’s a range right there is so

I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you are worthy of a corner workplace with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global (Hk) Limited Address

I discover time and time again the workers often misclassified unknowingly they don’t understand the conditions of work or agreement and are informed by the customer why it’s most advantageous primarily to the client why you ought to be used or engaged in this style the worker might owe taxes and Social Security to the authorities the future pension and health care privileges of the worker can be affected and numerous times it can be years before this all falls out and by that time it’s far too late years have gone by they have not contributed to pensions And so on so it’s a big impact that they never understood they were walking into you could not agree with you more if you say the UK for instance hmrc can return as much as 10 years um Kathy business are taking out insurance coverage versus misclassification but generally premiums are just covering the expense of legal costs whilst the average claim evaluated versus employers corresponds to to 40 or 50 percent of the base salary of employee exists any point in getting insurance coverage and what is the alternative yeah to your point um you do require to check out the small print it is not covering the taxes charge and interest in most cases I have not seen it at least so uh the the other location that I do believe if you managed to get the protection what we are stating is is that if your compliance program is not up to pack you could be denied coverage on the basis of the truth that you were not in compliance with laws um in the UK

Managing payroll internationally is a complicated task … Papaya Global Hk Limited Address…

publicly revealed and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the openly announced settlements there’s also substantial legal expenses there exists’s other charges there’s other costs behind that too so the overall expense can be very significant in the tens of countless dollars or more and and those amounts are growing uh the reason why companies are getting it so incorrect is really just the guidelines are complicated and they’re changing all the time believe ir-35 in the UK which has actually been an ongoing advancement for several years now and and still a great deal of uncertainty among companies on what it actually suggests and how you handle it most companies are simply not knowledgeable about the guidelines and and act as if the the guidelines are the same all over which they’re not so so encourage you to to be really proactive as you’re engaging uh employees from a classification point of view okay thank you Stephen and returning to yourself Ray it’s not just the company that suffers in the long run what effects can this have on the employee Can I Activate Papaya Global Payroll Without Subscription specifically when it pertains to their own tax liabilities social security and benefits for example jury and obviously the workers the opposite of the coin

How much revenue does the company make? Papaya Global Hk Limited Address

Over the last five or 6 years …Papaya Global Hk Limited Address… roles on the company side and also on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather intriguing and I can see it going on currently simply to hear where everybody is um it’s nice to to type of like see where everyone comes from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very very uninspiring and I wish I was somewhere else at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies maintain separate

checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Global payroll payments as a tactical property uh we’ll likewise review a recap which needs to leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces become a growing number of typical and handling them becomes increasingly more complex Worldwide companies are aiming to discover Solutions and brand-new ways to improve procedures particularly from a payroll and cross-border payment standpoint lots of organizations keep separate bank account just for payroll while some have multiple accounts in various countries does it make good sense for business to maintain separate checking account in some cases in different nations it does but just for payroll is there a better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business streamline the episode complex procedures of

making payroll payments properly efficiently firmly and on time throughout this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in enough in one nation but when you’re doing it globally it’s next level and Beyond it ends up being intricate for a range of factors most notably regulations compliance information security and banking guidelines then there are the sheer numbers they add further complexity the international Labor force is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing worldwide in the standard payroll model there’s often a frustrating variety of different systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in large amounts and or really really standard there’s no genuine consistency structure we’re living in an era of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind every time I I believe

about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather honestly the more a service invests in global payroll the less of an image they see a lack of exposure likewise extends to payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the transaction almost half of international organizations have actually expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry mistakes poorly communicated hires and terminations in addition to lack management and system setups and after that when you round it all off and the data is shipped to the wrong location the average expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments don’t run smoothly if they count on the required several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties business face when they’re paying to staff members or otherwise that’s a great concern I always throw this back and say what is it what does not require to be included best and what does

it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer’s own in-country account so there’s intricacy wherever you look right ultimately developing a knowledge base is definitely critical however everywhere you look with payroll payment they are like incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is allowing us to sort of move forward with that it likewise also to contribute to that payroll and financing need to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is definitely necessary that payroll and financing groups work closer together than ever um I’m constantly surprised when people state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory 3rd parties so with the

The modern world places a high worth on well-being and the settlement landscape is ending up being significantly detailed. Businesses are continually introducing new benefits and payment alternatives, which contributes to the overall intricacy. Big corporations often divide their payroll and payment processing into separate groups, which can result in ineffectiveness and traffic jams. In my viewpoint, this doesn’t need to hold true. In today’s highly innovative age, there’s no justification for preserving troublesome procedures. Payroll, the business’s greatest cost, need to be processed properly and on time. Even slight delays can adversely impact workers’ wellness and have far-reaching effects. For that reason, it’s critical to prioritize precise and prompt payments.

payroll group get um so I’m uncertain anybody on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an essential cycle we all hear about it when it fails everyone jumps up and down when it fails however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this things is done properly so leveraging the very first Global Payments very first payroll payment service is a great first step um supplying an end-to-end payroll service for your staff members worldwide once again I believe is another big um process once again aligning and ensuring you have standardization Worldwide processes all of those things are definitely crucial to success success of businesses and lowering the variety of tools platforms and checking account they require for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re implied to be um I do not think any of us are really doing that for for the thanks

anyhow we understand how how crucial a role it is and that’s why we do it that’s why we get on with it and this is why we’re talking today about making it as easy as possible for everybody that’s involved in those processes and also so picture sorry I’m simply I was simply gon na state imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions envision getting that lots of thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating job attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and in fact see what was going on and type of try to return to everybody so moving on appearance why do companies select to primary separate savings account there are Papaya Global Hk Limited Address organizations out there doing precisely this for particular nations and I have actually operated in a business or numerous organizations doing exactly that I can say it does not constantly feel efficient and it does produce more work I understand we’re not deliberately doing that we’re not developing additional work for any person where we don’t need to and anybody that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of factors one is it’s the standard I believe people have got so used to we require a new savings account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have embraced and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and many other ways um to to kind of do it so I think there’s a range I believe this is a procedure that requires looking at it needs altering but ultimately people are really stuck with what they recognize

with ideal um modification is a challenging thing all of us don’t like change um so I think it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having keeping several bank accounts however there’s a big quantity of complexity chooses establishing a checking account keeping it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for private individuals so the intricacy is huge but I think the sincere answer is change um individuals haven’t been able to alter or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is an element of resistance to change however we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could almost be figured out to be the next Century approximately there is a lot to keep an eye on and this approach does position a number of obstacles um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so

I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you should have a corner workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Hk Limited Address

I find time and time again the workers frequently misclassified unconsciously they don’t comprehend the conditions of employment or agreement and are informed by the client why it’s optimum primarily to the customer why you need to be employed or engaged in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare privileges of the worker can be impacted and a number of times it can be years before this all falls out and by that time it’s far too late years have actually passed they haven’t added to pensions And so on so it’s a big effect that they never ever understood they were strolling into you couldn’t agree with you more if you state the UK for example hmrc can return as much as ten years um Kathy companies are getting insurance against misclassification but usually premiums are just covering the expense of legal charges whilst the average claim evaluated versus companies corresponds to to 40 or half of the base salary of worker is there any point in getting insurance coverage and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes penalty and interest most of the times I haven’t seen it a minimum of so uh the the other location that I do believe if you managed to get the protection what we are saying is is that if your compliance program is not up to stuff you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK